Ethiopia, Tanzania Top Recipients of Indian Line of CreditMarch 19, 2017 - Following the pledge made by Indian Prime Minister Narendra Modi at the third India-Africa Forum to extend a total of 10 billion dollars in the form of concessional credit to African countries, the Export Import (EX-IM) Bank of India and Indian government has placed Ethiopia among the top recipients for a Line of Credits (LoCs) to the tune of 1.004 billion dollars, according to the Reporter. The top recipient was Tanzania with LoC of 1.115 billion dollars. The line of credit is suppored to be disbursed in the coming five years since the summit. Just behind the two countries is Mauritius at 864 million dollars LoC, which is also one of the biggest trade partners of India in Africa, followed by Sudan with LoC of 737.07 million dollars and Mozambique 639 million dollars. As of the end of last year, the Indian government has supported 149 LoCs reaching some 7.6 billion dollars.

Source: Ethiopian News March 19, 2017 19:52 UTC